Month: July 2017

Everyone knows we’re supposed to save money for emergency situations, so we can make big purchases without using a credit card, as well as retirement. Saving money doesn’t usually feel fun or glamorous, but there are some ways to make it more enjoyable. Here are five tips to make saving feel fun and empowering:

Visualise your saving goals

You can easily do this by linking an image or even a title to your saving targets. Get a picture of your objective and place it somewhere you will consistently notice it and stay determined. Having your financial goal showcased in front of you will make it more real. Also, it’s good to have a regular reminder of what you are working towards.

Have fun frugally

Who said having fun needs to be expensive? There are plenty of ways to enjoy your life while staying on a realistic budget. In fact, many of the great ways to have fun are free or affordable.

Go to the library.

Head outdoors for a bike ride or go hiking

Have a picnic in the park

Look for free attractions in your area like museums, concerts and more

Take advantage of happy hour and two for one meal deals

Think of your money as Power and Security

Rather than looking at funds, you save as only a number, or as currency, you can use to go shopping, consider money a means to get and stay out of trouble. The more savings you have, the more invincible you will become. You are a different and stronger individual when you have a backup available in savings. Even a little bit of funds can have this impact.

Compete with others

If you are the competitive type, make saving a challenge between you and someone else. You can turn it into a fun challenge between your friends, family members, or coworkers. You can compete with others to determine who can save the most money, who can go the longest time without purchasing a particular item, who will settle debt first, and even more.

Engage in a no spending challenge

To many people, a no spending challenge is probably not the most enjoyable thing in the world. Nonetheless, it can be an effective way to allow your creative side to emerge since you will need to make use of what you currently have.

Additionally, there are several games and applications designed to assist you with the motivation you will need to save money, and of course, it can make saving enjoyable as well.

Remember: Before you start, be realistic about the amount of money that you can save per month. Rather start small and increase your saving values, this way you can stay on track and stay motivated.

Financial education is a long-term task and, sadly, it’s one topic that isn’t presented in schools. To help your kids become adults who are financially responsible, it’s your responsibility to help them have an understanding of money, budgeting, and finances. Start gradually with the basics, and work your way up to more advanced aspects.

Need some suggestions? Continue reading to get some strategies for age-appropriate financial lessons.

Preschool

Children in this age bracket aren’t equipped for conversations about debt and budgeting. However, that does not suggest they should be entirely disregarded, either. This can be an ideal age to start getting your kids confident with money. Kids this age take pleasure in learning new words and phrases, thus, making this an excellent time to start developing their money vocabulary.

Take the chance to illustrate basics like exchanging money for items and comparing prices by playing “grocery store”.

Primary School

By primary school age, most children can comprehend simple budgeting and are ready for activities that get them to manage or count money. Now is a perfect time to execute the “needs vs. wants principle. This is an excellent age to show kids that typically, you will need to wait to buy something you want. Help them to save their allowance to purchase a toy, game, or book.

Teach your kids that money isn’t a distressing topic by talking about money freely. The aim is to make money managing appear to be a common element of normal life, like cooking or cleaning. The next time you see a TV ad, make it a teachable moment. Have a conversation about the various tricks and methods marketers use to make “wants” appear to be “needs.”

High School

Let teenagers get a part-time job whether it is babysitting, waiting tables, or walking dogs. There’s no replacement for earning an actual salary. Assist them to open up a bank account if they don’t have one yet, and help them create a budget. Involve older teenagers in household budget talks. It’s necessary for them to watch you making decisions, separating family needs (rent, electricity, and food) from wants (holidays and entertainment).

A good way to help your teen steer clear of financial debt issues in adult life is to teach them about sensible borrowing. Help your teen buy an item by them covering a part of the cost while you cover the rest. Then, work together with your teen to create a monthly payment structure.

One suggestion that is beneficial to all ages is to persevere. Coaching your children to be financially wise is something that will take several years. Keep lessons age-appropriate and stay patient. Look for teachable situations in daily life. The more you can share with your kids while they grow up, the more likely it is that they will have a beneficial relationship with money as adults.

And don’t forget, you are never too old to discover some new things about managing money

When living from one paycheck to another, few things are as nerve-racking as the last few days before your next pay day. Your bank account is running on empty, you have a pile of bills ready to get settled, and your fridge is looking rather empty.

When your paycheck finally arrives, you discover that the moment you fill up the car, pay the monthly bills, and do your grocery shopping, you are back to where you started. Broke and counting the days until you repeat it all. In the meantime, you keep hoping that no unpredicted situations, like a pricey vehicle repair or a burst pipe, come along.

You don’t need me to inform you that this is not an ideal way to live. However, it’s not always an easy task to stop the paycheck-to-paycheck pattern. Here are some actions you can take to end the cycle and manage your finances more efficiently:

Monitor your Spending

A possible reason for living this way is that you might be spending too much money on things you don’t need. But you can’t manage your spending unless you know accurately where those funds are going every month. You can do this by observing your spending from one payday to the next. Save slips from debit card transactions and write down any purchases you make with cash. Include monthly bills and living expenses you paid for that month, as well. By the time your next paycheck is due, you’ll have an excellent idea of where your income is going.

Create a Budget

The answer to quitting this lifestyle is by determining how to make your hard earned money last. Mainly, you want to reach the next pay day without being penniless while having some money towards savings. As soon as you have assessed your spending habits, it’s time to sit down and draw up a budget. Include things like rent or mortgage, utilities, along with other regular monthly obligations. Remember to add stuff like groceries, personal savings, and entertainment.

Should you get an Increase, Ignore It.

This is an effective strategy to ensure a little extra room in your savings account. The next time you receive a salary increase, just imagine it didn’t happen. Don’t change your budget or spending habits. Just put the additional cash in savings and go forward.

Stop using Credit Cards.

It can be tempting to treat your credit cards as an emergency account or another income source but don’t surrender to that temptation. You’re only setting yourself up for additional high-interest financial debt, and more credit card bills to pay every month.

Start living below your means.

There’s an excellent reason why some people seem to have more money than others; they spend money wisely. They aren’t the individuals with the fanciest cars or the biggest houses, but they are often the people with the most significant savings accounts and usually, don’t have debt troubles.

Living paycheck-to-paycheck is not easy, but if you are prepared to do something about it, it is possible to escape the cycle.

Are you searching for a strategy to save additional money every month? You may need to begin with an excellent, detailed review of your grocery spending practices. Are you exceeding your budget on expensive products don’t need? Are you visiting the store without a strategy? If you are like most individuals, you can most likely answer “yes” to a couple of those.

Fortunately, with some hard work, it is possible to subtract a relatively substantial amount from your monthly grocery bill. Which suggests you’ll have more funds left over for other, more essential things such as eliminating debt or increasing your emergency fund.

Here are seven ways you can streamline your grocery bill:

Stay Away from Name-brand Items

In many instances, the store brand is equally as valid as any other brand, and you’re essentially paying for presentation. Change out most of your brand-name items with their generic alternatives so you can right away reduce your grocery bill.

Grocery shopping without having a list is a guaranteed way for you to blow up your food bill. You are most very likely to walk out of the shop with a trolley full of impulse buys that only looked great at the time. Plan meals ahead for the week, then, check your kitchen pantry to determine which ingredients you already have and put the rest on the list.

Buy Produce In Season

Even though blueberries make for a delightful addition to yoghurt and cereals, and squash might be an uncomplicated side to add to a weeknight meal, they aren’t in season the whole year. Buying produce out of season is considerably more expensive. Determine what produce is in season and purchase consequently. Another option is to buy and freeze.

Be Careful of Sales

Sale prices are fantastic, as long as they, in fact, save you money. In case it’s not an item you’d usually buy, don’t purchase it simply because it was on sale. Also, don’t buy too much of anything with a brief shelf life. If you have to discard additional untouched rotten sale purchases, you didn’t save anything.

Incorporate Meatless Monday

Meat is unquestionably the most costly part of a meal. In case you are accustomed to providing meat at each dinner, try going meatless just once per week and discover how much you can save.

Plant a Garden

Growing your very own vegetables and or fruit can certainly help you save money at the supermarket. Not only will your veggies and herbs be organic, but they will also be free!

The typical person probably won’t completely embrace all of these strategies at once, I know I certainly wouldn’t. A more rewarding approach is to just opt for a few that seem like they might